Uber in talks to buy Dubai-based ride hailing company Careem

By erptre fusion
Uber is discussing the potential acquisition of Careem, a ride hailing business based in Dubai, Bloomberg has said
Preliminary talks between the two companies were held in July, with the outlook being for a combined service that would mitigate the costly battle for market share between Uber and Careem in the Middle East.
The potential deal could see Careem valued at US$2bn-2.5bn, according to Bloomberg.
Careem has around 100mn drivers across 100 cities in the Middle East, serving United Arab Emirates, Pakistan, Qatar, Saudi Arabia, Turkey, and more.
No decisions have been made at this stage, and Careem’s management is currently working to convince shareholders of the benefits of a deal.
“We believe the consumer internet opportunity in the region is massive and untapped”, Careem told Bloomberg in an email.
See more:
“In the last couple of years, the rest of the world has begun to embrace this opportunity and we have been approached by multiple strategic and financial investors”.
“Our ambition remains to build a lasting tech institution from the region”.
Uber has thus far declined to comment on the potential deal, but CEO Dara Khosrowshahi said in May that he believes Uber will ultimately become the market leader in India, Africa, and the Middle East.

Featured Articles

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital